/EIN News/ -- London, Sept. 10, 2019 (GLOBE NEWSWIRE) -- According to a new market research report “Microfluidic Immunoassay Market by Product Type (Lab-on-chip, POC Analyzers, Reagents and Assay), Technology, Application (Cardiac, Troponin, BNP) - Global Forecast to 2025”, published by Meticulous Research®, the global microfluidic immunoassay market is expected to grow at a CAGR of 12.7% from 2019 to reach $2.01 billion by 2025. The high growth of this market is primarily attributed to rising focus on quality and decentralized healthcare, greater benefits offered by LOC over conventional quantifiable technologies, increasing need of POC in low-resource settings, venture capital funding for development of LOC-based POC diagnostics, and growing research activities in the field of microfluidic technology.

Emerging economies and novel technologies such as paper-based microfluidics are likely to provide high growth opportunities for the players operating in the microfluidic immunoassay market. High growth in emerging economies is attributed to rising aging population, presence of large pool of patient suffering from non-communicable and infectious diseases, increase in the influx of R&Dfunding, rising demand for quality healthcare, growing disposable income, and improving healthcare infrastructure. On the other hand, selection of suitable substrate material for designing microfluidic chip; reimbursement issues; difficulty in up-scaling the process for mass production; and designing low cost products for developing countries - are the major challenges for the market.

On the basis of technology, microfluidic immunoassay market is segmented into POC lab-on-chip (LOC) technologies and non-LOC POC technologies. Non-LOC POC technologies segment is estimated to command the largest share of the overall microfluidic immunoassay market in 2019. The large share of this segment is attributed to a greater adoption of these technologies - over the years - for wide range of diagnostic applications. Further, POC lab-on-chip (LOC) technologies market is categorized into electrochemical detection and optical detection. Electrochemical detection market commanded the largest share of the LOC POC technology market. This is due to the fact that Abbotts’s i-STAT microfluidic platform has dominance in the present market, and it is based on electrochemical detection technology.

Based on application, the cardiac biomarker detection segment is estimated to hold the largest share of the overall microfluidic immunoassay market in 2019. The large share of the cardiac biomarker detection segment is attributed to high prevalence of cardiovascular diseases, availability of large number of LOC-based products for cardiac biomarkers, and relatively greater adoption of these products among end-users.

Geographically, the global microfluidic immunoassay market is categorized into - North America (U.S. and Canada), Europe (Germany, France, Italy, U.K., Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and Middle East & Africa. North America accounted for the largest share of the globalmicrofluidic immunoassay market, due to its remarkably advanced healthcare industry with higher healthcare spending and adoption of innovative science & technology; increasing prevalence of chronic diseases with expanding proportion of elderly population; and presence of leading players in the market in this region.

The global microfluidic immunoassay market is consolidated with top 2 players namely Abbott Laboratories (U.S.) and Quidel Corporation (U.S.) holding major share of this market. These players are continuously focusing on organic as well as inorganic growth strategies to maintain their strong foothold in the market. The other key players in this market are Abaxis, Inc. (a subsidiary of Zoetis Inc.), Nanōmix, Inc., Abbott Laboratories, Koninklijke Philips N.V., Biosurfit SA, Micropoint Bioscience, Inc., Siloam Biosciences, NanoEnTek Inc., OPKO Health, Inc., and Quidel Corporation.

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